In the AB partnership (to which Daniel seeks admittance), the capital balances of Albert and Bert, who share income in the ratio of 5:3 are: Albert $450,000 Bert $190,000 Prepare the journal entry to record the admission of Daniel if he invests $190,000 for a twenty (20%) percent interest.

2. Using the information in question I above prepare the entry to record Daniels's admission if the bonus method is used.